Special Committee on Cooperatives Committee on July 10th, 2012
Evidence of meeting #3 for Special Committee on Cooperatives in the 41st Parliament, 1st Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was cooperatives.
A recording is available from Parliament.
On the agenda
MPs speaking
Also speaking
- Claude Carrière Associate Deputy Minister, Agriculture and Agri-Food Canada
- John Connell Associate Assistant Deputy Minister, Strategic Policy Sector, Department of Industry
- Jeremy Rudin Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
- Denyse Guy Executive Director, Canadian Co-operative Association
- Marion Wrobel Vice-President, Policy and Operations, Canadian Bankers Association
- Stephen Fitzpatrick Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
- Nicholas Gazzard Executive Director, National Office, Co-operative Housing Federation of Canada
- Frank Lowery Senior Vice-President, Senior Counsel and Secretary, The Co-operators Group
- John Taylor President, Ontario Mutual Insurance Association
- Michael Barrett Chief Operations Officer, Gay Lea Foods Cooperative Ltd.
- Bob Friesen Farmers of North America
10:50 a.m.
Liberal
Mauril Bélanger Ottawa—Vanier, ON
Could you elaborate a bit on that, Mr. Fitzpatrick? How did that work?
10:50 a.m.
Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
There are two entities in the credit union system: Central 1, as Mr. Wrobel referred to, and Concentra, which is based in Saskatchewan. They're both federally regulated, and they have both participated in the mortgage lending programs.
10:50 a.m.
Liberal
10:50 a.m.
Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
I don't have the total number.
10:50 a.m.
Liberal
Mauril Bélanger Ottawa—Vanier, ON
If it's possible to attain that, could you send it to the clerk so that it could be distributed to the members of the committee?
I've been told—and I've had it pretty well confirmed—that the banks paid bonuses last year to their staff and the executives of $9.2 billion. Is that figure accurate, Mr. Wrobel?
10:50 a.m.
Vice-President, Policy and Operations, Canadian Bankers Association
I don't know the number.
10:50 a.m.
Liberal
Mauril Bélanger Ottawa—Vanier, ON
Well, for the top five banks, it's $8.87 billion, and that doesn't include the national, though I expect—
10:50 a.m.
Vice-President, Policy and Operations, Canadian Bankers Association
I would simply point out that within the context of banking, bonuses are part of the compensation system for a wide range of employees. When we talk about bonuses, they're not just for very senior executives. They're for all rank and file....
10:50 a.m.
Liberal
Mauril Bélanger Ottawa—Vanier, ON
But $9.2 billion were paid in bonuses over and above the salaries. Is that correct?
10:50 a.m.
Vice-President, Policy and Operations, Canadian Bankers Association
That could very well be.
10:50 a.m.
Liberal
Mauril Bélanger Ottawa—Vanier, ON
Do you have a similar figure, Mr. Fitzpatrick, for the credit union movement, showing how much it may have paid in bonuses to its executives and staff?
10:50 a.m.
Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
It's less.
10:50 a.m.
Voices
Oh, oh!
10:50 a.m.
Vice-President, Corporate Services and Chief Financial Officer, Credit Union Central of Canada
I'm sorry, I don't mean to be flippant.
No, we don't collect that kind of information.
10:50 a.m.
Liberal